Commuted Value. The present value of the remaining guaranteed Annuity Payments, under Option Six (Payment for a Period Certain). The present value is computed using the AIR for the Contract and the Annuity Unit value(s) calculated as of the date that We receive a fully completed request for surrender and, in the event of the Annuitant's death, Due Proof of Death of the Annuitant.
Commuted Value. The present value of an amount discounted at a rate of interest equal to the Current Rate of Interest plus 2%.
Commuted Value. The present value of the remaining guaranteed Annuity Payments for any option with a Period Certain segment. To calculate the present value for fixed Annuity payments, We will use the same interest rate that was used to determine the amount of the Annuity payments. To calculate the present value of variable Annuity payments, We will use the AIR elected by the Contract Owner when this Annuity option was selected and the Annuity Unit value as of the date that We receive a fully completed request for surrender and, in the event of the Annuitant's death, Due Proof of Death of the Annuitant.
Commuted Value. This equals the present value of remaining Annuity Payments that are converted into a lump sum. The Commuted Value may be available under certain Annuity Options as specified on the Contract Schedule, for withdrawals, if applicable, and as provided in the Death Provisions. The Commuted Value is calculated using the Commuted Value Formula shown on the Contract Schedule.
Commuted Value. 6 Consideration ................................................Page 3 Contract..........................................................20
Commuted Value. 4 Companion CREF Contract..................................... 32 Contestability .......................................................... 31 Contract................................................................... 30 Contractholder Payment - From an Investment Account ............................ 63 - From the Traditional Annuity ........................... 62
Commuted Value. The commuted (discounted) value is a one-sum amount paid in lieu of a series of payments. The Commuted Value of a series of payments of Annuity Units is computed in accordance with the Rules of the Fund, in which it is referred to as the Present Value.
Commuted Value. The Commuted Value of the remaining Period Certain Annuity Payments is calculated using the Commuted Value Formula specified herein. All Commuted Values will be determined upon the Company’s receipt of a Written Request. Upon receipt of such Written Request, the Contract Owner will be provided with a notice of the amount payable, how the amount was determined and the impact on remaining Annuity Payments, if applicable. Exhibit 4 GMIB Rider Once a withdrawal is made, the remaining Period Certain Annuity Payments will be reduced proportionally. Withdrawals will not affect Annuity Payments that are to be made after the Period Certain is over, if any. Commuted Value Formula The Commuted Value is the actuarial present value of remaining Annuity Payments that are being withdrawn, in accordance with the terms and conditions of the Contract. The present value is determined using an assumed effective annual interest rate of [4%] [plus 1%] as of the date of the withdrawal. This rider will be discontinued upon the Company’s receipt of a Written Request from the Contract Owner to terminate this rider. The annuity rates attributable to this rider are subject to the rates shown in the Contract without referring to Note 1 of the Fixed Annuity Rates of the Contract. Signed for Massachusetts Mutual Life Insurance Company by: [ABCDE] [ABC] [SECRETARY] [PRESIDENT]
Commuted Value. This equals the present value of remaining guaranteed Annuity Payments that are converted into a lump sum. The Commuted Value may be available under certain Annuity Options.
Commuted Value. The Commuted Value available for Full or Partial Surrenders is the present value of Annuity Payments remaining payable to the end of the Guaranteed Payment Period. It will be based on the interest rate used to determine the Annuity Payments plus 0.25% and, for Variable Payments, annuity unit values on the date this option is elected. 5.4
